UBS Trader Portrayed as Kingpin in LIBOR Scandal

Bloomberg reported that Tom Hayes, one of two former UBS traders charged by U.S. prosecutors, is portrayed by American regulators as the kingpin of a three-year campaign that succeeded in manipulating global interest rates.

Bloomberg said, according to a Department of Justice criminal complaint, that Hayes was charged with wire fraud and price-fixing. Bloomberg noted that Hayes was with UBS for about three years before leaving in 2009 to join Citigroup. According to Bloomberg, he was dismissed by Citi less than one year later for involvement in suspected rate-rigging.